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President supports business position against VAT increase

The President supports businesses’ opposition to raising VAT and stresses the importance of a balanced approach in the new Tax Code. The business community fears the Tax Code aims to raise tax rates. The President believes increasing VAT could spur higher inflation and bolster the shadow economy. Expressing dissatisfaction with the pace of developing the new Tax Code, the President emphasizes involving economists and business representatives in crafting a new taxation system. Highlighting the significance of a robust economy for increased tax revenues, the President calls for improvements in tax collection and reductions in the shadow economy. Instructing the government to establish clear rules for tax exemptions and reduce tax preferences by 20%, the President mentions the incomplete implementation of the unified social payment norm. Meanwhile, the founder of the “Uchet” group opposes the VAT increase due to concerns about exacerbating the shadow economy and inflation.


Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.


VAT news
VAT news